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Simulation methods are currently widely used, from simulations of various experiments to the calculation of certain integrals to the solution of differential equations. We can also use them in the economy and business operations. A specific industry, such as air transport, currently applies simulations to decision-making processes only to a small extent. The aim of the article is to point out the applicability of Monte Carlo simulation in the area of risk assessment of projects and investment activities, which is an important factor in achieving business sustainability. Through stochastic and deterministic modelling, simulations were performed using the Crystal Ball software tool. The simulation criterion is Net Present Value (NPV), modelled in different variants of variables in the form of own and foreign sources of financing. Simulation research in the field of financial decision-making is practically unknown and not applied to aviation companies. The process of planning investments and simulating their development in order to ensure sustainability for the future should become an integral part of all companies in aviation. [ABSTRACT FROM AUTHOR]

Agricultural loans are one of the means of developing the agricultural sector, and it is also considered the tool that can be used to achieve guidance and development policies for some sectors from which the state wishes to achieve a return. The research problem is the difficulty of obtaining loans for small, medium and micro enterprises in most sectors, so the determinants of loan demand in those sectors should be addressed to identify the factors that would negatively or positively affect financing. The research aims to identify the role played by the Agricultural Bank of Egypt in financing the On the role played by the Agricultural Bank of Egypt in financing agricultural activities, as well as shedding light on the reality of projects and the determinants of demand for loans in the financing process by studying the time trend, and the determinants of demand for loans in various projects to know the extent of their impact on financing. The study relied on descriptive and quantitative methods in data analysis. It also relied on two main data sources, secondary data from the Agricultural Bank of Egypt, and field sample data through a specially designed questionnaire form for the farmers' personal interview in 2023.The results of the study showed that the loans provided by the Agricultural Bank of Egypt for the total volume of long-term loans are increasing significantly at a rate of EGP 3.3 billion annually, and it also turned out that the loans provided by the Agricultural Bank of Egypt for livestock breeding at a subsidized interest rate of 5% are increasing significantly at a rate of EGP 501 annually. [ABSTRACT FROM AUTHOR]

Investment and financing decisions are especially important in a family firm context, as family and business dynamics interact to produce unique behaviors that may affect these decisions. However, research on how the family nature of these firms shapes their investment and financing preferences is still lacking. To help fill this gap, this study aims to provide a robust picture of the literature to identify key questions that can help guide future research. Using a systematic approach based on bibliometrics and network analysis of 891 papers published in the Web of Science database between 1992 and 2023, we show the evolution of research in terms of publications and identify the most active and influential articles, authors, and journals. Using bibliographic coupling analysis, the paper reveals the thematic structure and trends of the research. This study provides valuable insights into the future by identifying knowledge gaps and offering guidance to both researchers and practitioners seeking to understand the specific needs and challenges faced by family firms in their investment and financing endeavors. [ABSTRACT FROM AUTHOR]

Purpose: The role of chief executive officer (CEO) personal characteristics in shaping corporate policies has attracted increasing academic attention in the past two decades. In this review, the authors synthesize extant research on CEO attributes by reviewing 232 articles published in 29 journals from the accounting, finance and management literature. This review provides an overview of existing findings, highlights current trends and interdisciplinary differences in research approaches and identifies potential avenues for future research. Design/methodology/approach: To review the literature on CEO attributes, the authors manually collected peer-reviewed articles in accounting, finance and management journals from 2000 to 2021. The authors conducted in-depth analysis of each paper and manually recorded the theories, data sources, country of study, study period, measures of CEO attributes and dependent variables. This procedure helped the authors group the selected articles into themes and sub-themes. The authors compared the findings in various disciplines and provided direction for future research. Findings: The authors highlight the role of CEO personal attributes in influencing corporate decision-making and firm outcomes. The authors categorize studies of CEO traits into three main research themes: (1) demographic attributes and experience (including age, gender, culture, experience, education); (2) CEO interactions with others (social and political networks) and (3) underlying attributes (including personality, values and ideology). The evidence shows that CEO characteristics significantly affect a wide range of specific corporate policies that serve as mechanisms through which individual CEOs determine firm success and performance. Practical implications: CEO selection is one of the most crucial decisions made by corporations. The study findings provide valuable insights to corporate executives, boards, investors and practitioners into how CEOs' personal characteristics can impact future firm decisions and outcomes that can, in turn, inform the high-stake process of CEO recruitment and selection. The study findings have significant practical implications for corporations, such as contributing to executive training programs, to assist executives and directors attain a greater level of self-awareness. Originality/value: Building on the theoretical foundation of upper echelons theory, the authors offer an integrated theoretical framework to consolidate existing empirical research on the impacts of CEO personal attributes on firm outcomes across accounting and finance (A&F) and management literature. The study findings provide a roadmap for scholars to bridge the interdisciplinary divide between A&F and management research. The authors advocate a more holistic and multifaceted approach to examining CEOs, each of whom embodies a myriad of personal characteristics that comprise their unique identity. The study findings encourage future researchers to expand the investigation of the boundary conditions that magnify or moderate the impacts of CEO idiosyncrasies. [ABSTRACT FROM AUTHOR]

This study examines the burgeoning field of Islamic banking within the Kyrgyz Republic, where Islamic financial institutions have globally amassed assets exceeding $300 billion across 75 countries. Focusing on the theoretical and practical aspects of introducing and expanding Islamic banking in Kyrgyzstan, particularly through the case of Eco Islamic Bank OJSC, the research aims to provide a comprehensive analysis of the sector's current state, challenges, and future potential. Employing a variety of methodologies including system analysis and comparative methods, and drawing on the works of both international and local scholars in Islamic finance, the study outlines practical recommendations for the sector's development. The analysis reveals Eco Islamic Bank's relative stability as a positive indicator of the sector's viability. It underscores the National Bank of the Kyrgyz Republic's commitment to fostering Islamic banking as a means to diversify financial services and enhance sector competition. The research highlights the strategic importance of Islamic banking for the Kyrgyz Republic, suggesting its capacity to attract Islamic investments and recommending the expansion of international relations and partnerships with global Islamic financial entities. This contributes to the international scholarship on Islamic banking, illustrating its significance and potential impact on the Kyrgyz economy and beyond. [ABSTRACT FROM AUTHOR]

Corruption is a phenomenon that is not just restricted to less developed nations, but also touches developed countries like those in the European Union, often seen as one of the least corrupt economic areas in the world. Corruption practices and perceptions can seriously hinder economic growth and innovation, This can be due to lower access to corporate funding, greater cost of capital, its effects on competition, misallocation of resources, and distortions in the composition of public spending and the effectiveness of government policies. This paper first provides a short discussion and an overview of some academic literature on the link between corruption, financing decisions and economic growth. It then summarizes the findings of the five papers in this special issue on the topic of Corruption in a European context, discusses some insights from their results and finally points out at some avenues for future research in related topics. [ABSTRACT FROM AUTHOR]

Copyright of Revista FACE is the property of Universidad de Pamplona and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Economics Business & Finance Research / Ekonomi İşletme ve Maliye Araştırmaları Dergisi is the property of Irfan Ersin and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study aims to examine the effect of women's leadership, education level, financing, and investment on the profitability of Islamic banks. The type of data used is secondary data in the form of annual reports of Islamic banks for the 2016-2020 period. Data collection was carried out using purposive sampling so that the research sample was 12 Islamic banks. The analytical tool used in this panel data regression with dummy variables. The results showed that partial financing and investment have a positive and significant effect on the profitability of Islamic banks. However, women's leadership and education level do not affect profitability. Simultaneously, women's leadership, education level, financing, and investment influence profitability, and the results of the determination test show that the independent variables in the form of women's leadership, education level, financing, and investment can explain the dependent variable profitability by 99%. In comparison, the other 1% is explained by other variables not mentioned in this study. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economic Research & Business Administration is the property of Al-Farabi Kazakh National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In contemporary times, innovations are the primary drivers for economic expansion and social advancement. However, substantial financial barriers frequently follow the journey from inventive ideas to tangible products and services. This article examines diverse strategies for funding innovation and provides insights into the numerous approaches, challenges, and viewpoints that should navigate entrepreneurs, companies, and policymakers. In modern times, globalization affects all countries regardless of their level of development. Therefore, it is crucial to consider factors that increase a country’s competitiveness in the global market. The most significant factor is the innovative activity of enterprises. Therefore, the current stage of the country’s economic development is characterized by a high dependence on the scale of scientific research and development, the speed and efficiency of the introduction of new types of products and technologies. Given this, the government and legislative authorities of the leading countries create maximum conditions for promoting scientific research activities. Financial and credit resources are crucial for stabilizing Ukraine’s economy, which is currently undergoing innovative transformations. The search for sources for financing and crediting innovations has become a pressing issue and requires thorough research. The article examines several funding sources, including venture capital, angel investors, and government subsidies. It highlights their importance in promoting innovations, acknowledges their limitations, and outlines some strategies for securing financial support. Furthermore, the paper analyzes the current condition of Ukraine’s financial market, providing an overview of the factors that affect the stability of Ukraine’s financial system.

The Russian cinematography industry is characterized by a significant degree of dependence on state financial support. The world cinematography has a high level of quality and acts as an independent commercial mechanism that annually shows progress in the field of technologies used in the industry. It undoubtedly increases the cost of film production and sets a high level for competitors. The producer’s activity is impossible without finding financing for a project, and in most cases, the Russian government helps film companies in this matter. The problem of the described process is imperfection of the mechanisms established by the state. Therefore, the purpose of the study is to analyze the problems of obtaining state funding when creating a film project. The article is relevant due to the strong long-term interaction of the state and film production industry. Problems in the current system of state support have been identified and recommendations for their solution provided. In addition, a number of opportunities and changes that will contribute to improving competitiveness and development of domestic cinema have been considered. The article proposes to carry out reforms in the activities of the government agencies supporting the industry and to draw their attention to the development of society and human resources by improving the field of film education.

A partial risk guarantee (PRG) is one of the critical instruments in the blended finance approach that provides partial assurance to the risk investor to lend leveraged capital to the borrower. Under the PRG scheme, philanthropic capital is employed as a risk guarantee to create financial and economic additionality through the multiplier effect. This study examines the current trends in PRG and blended finance ecosystem research. This study also aims to identify future research areas to work upon. The bibliometric analysis highlights the need and advantages of blended finance and PRG. The study highlights themes, such as climate finance, SDGs, impact investments, and blended finance/PRGs, from the literature on blended finance. This study illustrates the impact for researchers and managers regarding the future direction to undertake and the domains where PRG can work wonders. The research allows for a comprehensive view of the leading trends, such as utilising blended finance tools such as PRG in funding the work in climate financing, SDGs, water, sanitation, and impact investment. This is perhaps the first study to conduct a bibliometric analysis of the developing area of blended finance partial risk guarantee literature to highlight its importance and advantages. [ABSTRACT FROM AUTHOR]

Financing refers to the process of concentrating financial resources or capital in the medium and long term. The purpose of economic sanctions is to deprive an economy from benefiting from the global markets of goods, services and capital. Today, the topics related to the types of project financing contracts are important topics in international economy and financial management. Considering the political conditions of the country as well as economic sanctions, the risk of investing in the country is high. In this study, the influencing factors on the ways of foreign financing in the conditions of Iran sanctions have been investigated using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results show that legal reforms, solutions to overcome the sanctions, financial incentives granted by the host country, financial incentives granted by capital exporting countries, investment in the stock portfolio, reducing the risk of investment in the country, long-term, medium-term and short-term economic factors, political and security factors. Among managers and experts, it has an effect on foreign financing in the conditions of sanctions.

This study deals with how the term shadow areas emerged on the Algerian political and media scene, then became a national concern, and it will highlight the most important causes of the emergence of shadow areas in Algeria. and the obstacles that prevent their development and improvement of the standard of living to achieve the standard of a decent living, and how the state seeks to find unconventional sources of financing to achieve this goal. However, its neglect of the charitable sector in general, and of investing in waqfs goods in particular, as an effective financial partner, can cover a significant part of the budget deficit linked to the social field. It also highlights the different formulas for the exploitation and development of waqfs properties, which can be adopted at the level of these areas, compatible with Sharia and the laws, which helps to advance development, these areas.

The objective of this research is to analyze the sources of financing available for the sanitation sector in Brazil and to identify the main forms of financing effectively used by companies classified as Corporations in the sanitation sector. The results showed that, although quite different in terms of the size of the total assets, the capital structure of the companies is very similar, with low leverage and preponderance of third-party resources obtained through federal resources from Caixa Econômica Federal, funding via debentures and financing lines from the National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social – BNDES), as well as from Development Financial Institutions (DFI), among which the Inter-American Development Bank (IDB), the Agence Française de Développement (AFD) and the Japan International Cooperation Agency (Jica). Thus, public financing and financing through development banks is still the main source of funds for the sector, although funding via debentures is relevant and there is great room for diversification. The difficulty of financing from third-party resources leads to the prioritization of tariffs for the expansion of financing services, which can be an impediment to universalization, given the need to expand to areas with low population density and/or lower purchasing power. In this context, lengthening the terms of financing and reducing the cost of capital, encouraging the active participation of development banks as financing agents and providing greater legal and contractual security for companies in the sector are fundamental aspects to achieve the universalization of sanitation services intended by the new legal framework for basic sanitation.

The article discusses the concept and the choice of sources of financing for the investment activi-ties of aviation companies. The choice of financing instruments for aviation companies, as well as the optimal capital structure, is an important and necessary stage for conducting effective activities aimed at achieving the financial stability of the airline company. Especially the problem of choosing sources of financing becomes relevant in the context of the spread of COVID-19. The object of the article is to study the modeling of investment attractiveness on the example of airlines. Based on the research of in-vestment attractiveness in airlines, recommendations were formulated in the field of investment project evaluation. Scientific and practical significance of the work is that Aviation is one of the fastest grow-ing sectors in the world, combining technology, innovation, entrepreneurship, economic development, infrastructure support, demographic growth, and contribution to globalization. Progress in this sector is impressive in its speed and diversity in nature. Based on the analysis of the investment activity of the Kazakh company, it was revealed that outdated methods of evaluating the effectiveness of investment projects are used and it was proposed to use quantitative risk analysis and break-even assessment of the airline's investment projects for this purpose. In accordance with the research subject, the methods of scientific knowledge, induction, deduction, comparison, statistics, comparability, financial analysis, mathematical modeling, analysis and forecasting were used.

Financial administration is whose discipline is responsible for the planning, organization and control of financial resources, that is, it is responsible for decision-making on financing, investments, savings and budgets, etc. Well, its implications consist of obtaining an operational function dedicated to the structure, liquidity management and financial assets in this matter. In order to understand it, it is necessary to emphasize its purpose, this is planning, which will be in charge of those long and short-term economic agreements, in order to reduce risks and thereby increase the value of the company. Taking into account the development of the market, therefore, it includes all financial investment decisions, such as financing, programming and control of investment projects, investment policies, among others. The objectives of financial management mainly include the maintenance of resources, optimal understanding and management of risks (mainly in investments), seeking to maximize profits or income, and finally, improving the use of already existing financial resources. whether from an individual or a company. This article will allow us to know the basic knowledge of "the theoretical implications of financial administration", in order to implement an action plan when making investments, and with it the adequate planning for the improvement of expenses, in such a way create a good budget and maximize profits. The financial resources of the company are fundamental, hence the idea that a good management of these leads to success, within the financial administration the efficient study of money is managed. [ABSTRACT FROM AUTHOR]

Copyright of Estudios Gerenciales is the property of Universidad ICESI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Economic Research & Business Administration is the property of Al-Farabi Kazakh National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The issues of investing in enterprises engaged in the utilisation and processing of municipal solid waste are currently relevant due to increasing consumption, correspondingly increasing production and the amount of waste and require the most careful approach from the point of view of environmental security. The object of the research are the factors that determine the potential benefits of investing in enterprises of this industry. The methodological basis of the study was сompiled by general scientific methods of knowledge and the special scientific methods arising from it: logical, analytical, comparative analysis method, and information processing statistical methods. The authors present growth indicators in dividend payments and stock prices of individual American companies that provide services for the processing and waste disposal from those companies that operate in the residential sector, industry, and municipal organisations. The negative factors, hindering investment in this sector in Russia, have been reflected. The research results show the new development potential for the recycling and waste management industry.

知识产权是面向创新驱动发展, 加强科技与金融结合的核心之一。科技活动在本质上是一种投资, 科 技创新主体通过高质量知识产权能够吸引投资, 投资者通过投资知识产权能够获取创新利益。文章从研究开 发和成果转化两个环节论证了科技活动的投资属性, 分析了其中的知识产权作用。在结合实践的基础上, 从 国家需求、行业属性、禀赋差异和目标导向 4 个方面提出以知识产权促进科技与金融结合主要考虑, 并提出 关于知识产权制度建设、知识产权储备、知识产权市场化模式、知识产权与相关政策的具体策略建议. Intellectual property (IP) is a key in strengthening the integration of sci-tech and financing for the aim of innovation-driven development. Sci-tech activities are a type of investment in nature. Innovative entities can attract investment with high-quality IP, and investors can profit from innovation by investing in IP. This study analyzes the investment nature of sci-tech activities from two periods of research & development and transformation of sci-tech achievements, and analyzes the role of IP in the two periods. Based on practical foundations, the main considerations are put forward from the aspects of national needs, industry characteristics, endowment difference, and target orientation to promote the integration of sci-tech and financing through IP. Furthermore, it is suggested that to take measures from the aspects of IP system establishment, IP storage, IP-based market mode, and IP-related policy. [ABSTRACT FROM AUTHOR]

This study aims to analyze investment decisions, funding decisions, and dividend policies on firm value. The method used is multiple linear regression using 35 samples of the food and beverage industry. This study finds that investment decisions and funding decisions was able to increase firm value, but dividend policy showed the opposite result. Investment decisions as well as funding decisions can become the basis for determining strategies to increase value to the company by keeping its value increasing. Abstrak Penelitian ini berupaya menganalisis keputusan investasi, keputusan pendanaan, dan kebijakan deviden terhadap nilai perusahaan. Metode yang digunakan adalah regresi linear berganda dengan menggunakan 35 sampel industri food and beverage. Hasil penelitian menunjukkan keputusan investasi dan keputusan pendanaan mampu meningkatkan nilai perusahaan, namun kebijakan deviden menunjukkan hasil yang sebaliknya. Keputusan investasi serta keputusan pendanaan mampu menjadi landasan menetapkan strategi untuk meningkatkan nilai pada perusahaan dengan cara menjaga nilainya agar tetap meningkat.

The identity and institutional capabilities of the European Union (EU) have changed over the years. As a global player in international politics, the EU has recognized the need to develop a comprehensive space policy perspective. This perspective is shaped by changes in the dynamics of the space ecosystem, the "New Space", and this phenomenon consists of new business models, new technologies, new markets, new value chains and new actors. New space actors (private investors) have fundamentally changed the dynamics of space activities. The subject of the research is the peculiarities of the influence of investment processes of the EU and Ukraine on the development of space industries. The methodological basis consisted of general scientific and special methods of knowledge, based on a systematic approach to the consideration of economic processes. The article aims to examine investment in the context of space management in the EU and Ukraine, and to examine in detail the trends in such funding of space companies. In order to better understand the European space system. The article concludes that, recognizing the indisputable importance of space applications and safety of space systems, the EU attaches great importance to taking into account the trend of "New Space" in its governance structure and stimulating changes in this sector. Unfortunately, Ukraine lags far behind in this respect. In the EU, in the initial stages of space research and use, space programs are financed from the general budget, and as individual activities reach a level of profitability, their public funding is reduced. Therefore, the sphere of commercial space activities and the share of private investments in their total financing are rapidly growing. The reduction of state expenditures is compensated by investments of private business in commercial projects. Thus, the article emphasizes the particular importance of private investments in the development of the Ukrainian space industry and points to the need to develop the commercialization of space activities, especially given the potential in the absence of budget financing. It is impossible to compare the sufficiently powerful and effective investment system of the EU and the lack of even state financing of the space industry in Ukraine. Against the backdrop of hostilities in Ukraine, there is a significant need to reconsider investments in this area on the basis of public-private and international partnerships. Conclusion. The main tasks for Ukraine are revision and change of the state policy, right accents on investments into the space industry, qualitative overcoming of bureaucratic obstacles, approval of a new Strategy of Space Industry Development. As an example, one could use the experience of the EU and refer to its previous experience in this sphere to have an opportunity to stay among the world space powers.

Ports have an important role in building state connectivity in the region related to international trade development. Port performance cannot be separated from the existence of port infrastructure. Renewal of port sector infrastructure can now be done through the concept of Public Profit Partnership (PPP), namely the cooperation with the private sector. The investor financing mechanism can be carried out with several options, but in this study it is assumed to have 2 financing options namely through bank loans and bonds. The study uses the calculation of financial feasibility with parameters including Net Present Value (NPV), Benefit and Cost Ratio (B/C), Internal Rate of Return (IRR), Payback Period, by comparing interest rates at conventional banks with bonds. From the results of these calculations, conclusions are drawn on making investment decisions on the chosen financing method. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Arts & Social Sciences (JASS) is the property of Sultan Qaboos University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Economic Research & Business Administration is the property of Al-Farabi Kazakh National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the broad sense, any action that is taken in the hopes of raising future revenue can also be considered an investment. An investment always concerns the outlay of some asset today - money or tangible and intangible assets - in hopes of a greater payoff in the future than what was originally put in. The investment compensates for the time of "freezing" of funds, as well as the risk taken in the investment process. Integral components in each investment process are: a) time (recovery of benefits and capital commitments); b) circulation (allocation of general or own capital); c) risk (possibility of excess of actually incurred expenses over planned costs); d) benefits (expected effects from investment realization). Investments can be defined in the light of the above factors, which are fraught with the risk of long-term allocation of investment costs in order to recover benefits. Investments are such expenditures of funds, in which there is a long-term commitment of funds of money. The scale of the costs of their performance is higher than in the current, operating activities of businesses, and the impact of investment on the efficiency of operations and competitiveness is mostly longer. Investments increase not only modernized and new means of durability, intangible and legal costs, but also the value of working capital. This work is devoted to presentation and analysis of the process of financing investments made through joint ventures in the realities of the free market in a changing environment. Considerable attention was paid to the assessment of risk and efficiency of enterprises activities. It was found that the amount of risk is influenced by various factors, such as the complexity of the investment process and the instability of the environment in which the project is implemented. This creates uncertainty about the expected future benefits and often makes it impossible to assess the factors that affect the return on investment.

The purpose of the paper is to study the processes of formation and use of financial potential of investment activity of small enterprises. The subject of research is the patterns of formation of financial potential of investment activity of small enterprises. Methodology included structural and systems analysis, as well as the theory of optimal control. In addition, methods of economic and statistical analysis were used. The main results of the study include the definition of the essence and selection of types of the financial potential of investment activity of enterprises. It is found that the financial potential of investment activity of the enterprise is its ability to attract financial resources to ensure this activity. The available, aggregate, and long-term financial potentials of investment activity are defined and characterized. The possibility of distinguishing the general, effective and optimal varieties of this potential are also noted. It is shown that the aggregate financial potential of investment activity of the enterprise, in addition to the available potential, also includes the available reserve for the growth of the financial potential of investment activity due to the implementation of measures that do not require investment. It is proven that the financial potential of investment activity of small enterprises is at the intersection of two other types of their economic opportunities: investment potential and the potential of the flow of the financial resources to finance investment activity of enterprises. The generalized model of the course of processes of formation and use of the financial potential of investment activity of small enterprises is constructed and analyzed. A number of indicators for assessing the level of use of the financial potential of investment activity of small enterprises are proposed. In particular, these indicators include the share of the actual volume of realization of the available financial potential of investment activity of enterprises in the amount of the potential, the share of the available financial potential of investment activity of enterprises in the value of their investment potential, the share of the actual volume of realization of the available financial potential of investment activity of enterprises in the value of their investment potential. The third indicator is the product of the previous two. The level of investment activity and use of the available financial potential of investment activity of fifty Ukrainian small enterprises is studied. It is established that the largest share includes enterprises with a low and satisfactory level of investment activity. At the same time, the average level of realization of the available financial potential of investment activity of enterprises increases with the growth of investment activity. The practical significance of the results in the work of small enterprises will allow to identify and implement untapped opportunities for growth in the financial potential of investment activity of these enterprises. Also, these results make it possible to establish the level of actual realization of this potential and identify areas for increasing this level, which is especially relevant in the context of the COVID-19 pandemic.

تسعى هذه الدراسة لإبراز مدى تفعيل رأس المال المخاطر كآلية مستحدثة لتمويل المؤسسات الصغيرة والمتوسطة في الجزائر، ولتحقيق هذا الهدف فقد تم اعتماد المنهج الوصفي التحليلي. وأهم ما توصلت إليه هذه الدراسة هو أن صناعة رأس المال المخاطر في الجزائر لا تزال في خطواتها الأولى، حيث سجل هذا التأخر بسبب وجود جملة من الصعوبات الميدانية التي تتطلب حلولا عاجلة تساهم في نجاح تمويل المؤسسات الصغيرة والمتوسطة برأس المال المخاطر في الجزائر. This study aims to highlight the extent to which venture capital is promoted as a new mechanism for small and medium enterprises financing in Algeria, and to achieve this objective, the descriptive-analytical approach is adopted. The most important finding of this study is that the venture capital industry in Algeria is still in its first stages, with an underdevelopment attributable to a set of practical difficulties which require urgent solutions that contribute to the success venture capital financing of small and medium enterprises in Algeria.

Abstract Purpose: To analyze how the Covid-19 has impacted the financing, capital structure, and investment policies of Brazilian companies from a behavioral finance perspective. Originality/value: The study focused on the behavioral finance literature, Prospect Theory, Big Five Theory, and Pecking Order Theory, in order to substantiate and explain the consequences of the emotions implicit in corporate decisions and their impacts on organizations during the Covid-19 crisis. Design/methodology/approach: A questionnaire was used, containing 26 questions spread over three sections: 1. investment, financing, and capital structure decisions made in the first half of 2020; 2. personality dimensions of the respondents; and 3. sociodemographic profiles of the respondents. A total of 120 responses was obtained and the ordinary least squares econometric model was applied to identify the influence of biases on corporate decisions. Findings: The results found showed that managers’ decisions have been influenced by heuristics and biases, especially decisions on starting new projects and raising funds, as it was found that overconfidence bias has prevailed in investment and financing decisions. The study also demonstrated that the decline in sales and lost profitability of Brazilian companies due to Covid-19 have led to bold behavior by managers, as they have sought to reverse the impacts of the pandemic. / Resumo Objetivo: Analisar como a Covid-19 tem impactado as políticas de financiamento, estrutura de capital e investimento das empresas brasileiras à luz das finanças comportamentais. Originalidade/valor: O estudo se debruçou sobre a literatura das finanças comportamentais, Teoria dos Prospectos, Teoria do Big Five e Teoria do Pecking Order, com o intuito de fundamentar e explicar as consequências das emoções implícitas nas decisões corporativas e os impactos nas organizações no momento de crise da Covid-19. Design/metodologia/abordagem: Foi utilizado um questionário com 26 perguntas distribuídas em três blocos: 1. decisões de investimentos, financiamentos e estrutura de capital tomadas no primeiro semestre de 2020; 2. dimensões de personalidade dos respondentes; 3. perfis sociodemográficos dos respondentes. Obtiveram-se 120 respostas, e aplicou-se o modelo econométrico mínimos quadrados ordinários para identificar a influência dos vieses nas decisões corporativas. Resultados: Os resultados encontrados evidenciaram que as decisões dos administradores têm sido influenciadas pelas heurísticas e pelos vieses, principalmente nas decisões de iniciação de novos projetos e captação de financiamento, pois identificou-se que o viés do excesso de confiança tem prevalecido nas decisões de investimento e financiamento. O estudo também demonstrou que as quedas nas vendas e as perdas na lucratividade das empresas brasileiras decorrentes da Covid-19 proporcionaram um comportamento arrojado nos administradores, já que eles buscaram reverter os impactos da pandemia.

Purpose: To analyze how the Covid-19 has impacted the financing, capital structure, and investment policies of Brazilian companies from a behavioral finance perspective. Originality/value: The study focused on the behavioral finance literature, Prospect Theory, Big Five Theory, and Pecking Order Theory, in order to substantiate and explain the consequences of the emotions implicit in corporate decisions and their impacts on organizations during the Covid-19 crisis. Design/methodology/approach: A questionnaire was used, containing 26 questions spread over three sections: 1. investment, financing, and capital structure decisions made in the first half of 2020; 2. personality dimensions of the respondents; and 3. sociodemographic profiles of the respondents. A total of 120 responses was obtained and the ordinary least squares econometric model was applied to identify the influence of biases on corporate decisions. Findings: The results found showed that managers' decisions have been influenced by heuristics and biases, especially decisions on starting new projects and raising funds, as it was found that overconfidence bias has prevailed in investment and financing decisions. The study also demonstrated that the decline in sales and lost profitability of Brazilian companies due to Covid-19 have led to bold behavior by managers, as they have sought to reverse the impacts of the pandemic. [ABSTRACT FROM AUTHOR]

Copyright of Religación: Revista de Ciencias Sociales y Humanidades is the property of Religacion: Revista de Ciencias Sociales y Humanidades and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

These sukuk are documents of equal value representing common shares in ownership of property, utilities, services or assets in a specific project, after collecting the value of the Sukuk, closing the subscription door and starting using them for what they were issued for, and are issued in the names of their owners in exchange for the money they provide to implement the project and exploit it and achieve the return for a period It is defined in the prospectus according to the principles and provisions of Islamic Sharia, and therefore it is an Islamic alternative free of interest, and it is the place of traditional bonds. Many legislations have addressed this important tool in project financing, as in the Jordanian Islamic Finance Sukuk Law No. 30 of 2012 and the Tunisian Islamic Sukuk Law No. 30 of 2013, and it has been stipulated in the Iraqi Islamic Banking Law No. 43 of 2015 and Iraq is working to find a draft of controls in this regard from Accepted the Central Bank of Iraq since 2017, but it has not been issued yet.

The problematic issues related to investment processes in the real estate market, based on modern tools of project financing, have been considered. The Russian experience of taxation of investment entities in the Russian Federation, the experience of private-public partnership in the process of investing in real estate objects, have been studied, the problems of using project financing by real estate market entities in the conditions of digitalization have been identified. The directions of improvement of financial, economic, social and legal aspects of state regulation of project financing have been proposed in order to ensure a balance of interests of various economic entities, which as States, firms and households are considered. Modern models of real estate financing by the banking sector have been reviewed.

The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies.

The purpose of the article is to reveal the theoretical and methodological foundations and determine the role of crowdfunding in the development of social entrepreneurship on the basis of generalization of existing provisions of science. Features related to crowdfunding and the development of social entrepreneurship. The expediency of the complex assessment of the status of social entrepreneurship and its presentation as an innovative phenomenon has been methodically proved. The theoretical and methodical essence of crowdfunding is defined, and the principles of its use in the system of organization of financing of social projects are characterized. The composition and set of definitions of crowdfunding with methodical elaboration of the bases of their relation to components of the eponymous mechanism have been clarified. It is suggested to supplement definitions of categories and concepts on improvement of the teletho-methodological principles of crowdfunding in the development of social entrepreneurship. The continued socialization of business, which has been going on for many centuries, has led to the transformation of capitalist entrepreneurship into a socially oriented one, and parallel structures of a purely social nature have emerged. The necessity to distinguish social entrepreneurs in a separate set of typical functions by entities has been proved. It is appropriate that they are directly involved in socializing the economic system, enabling society to move towards a model of sustainable development. Knowledge of crowdfunding theory and practice in Ukraine is based mainly on foreign experience, but in the national dimension, this mechanism is perceived from the point of view of self-financing scheme by the community, by people of projects that can serve to solve socially significant problems.

Аnnotation. Introduction. Small and medium-sized enterprises are an integral part of the modern market economy. This gives the economy of any country some flexibility, influences its economic growth, mobilizes financial and production resources of the population, accumulates a powerful antitrust potential, plays a system-forming function. Entrepreneurship is a serious factor in solving pressing social and economic problems. Purpose. The purpose of the article is to summarize the fundamental principles for the support and development of small and medium-sized enterprises in the transition economy. The aim is to develop methodological foundations for improving their efficiency in Ukraine. Results. It is established that the main reasons for slowing down the development of small and medium-sized enterprises in Ukraine are the lack of an effective mechanism for implementation of state policy for support of small and medium-sized enterprises, the lack of appropriate regulatory support for business development, limited financial resources, limited information and advisory support, imperfection of the training system and further training. The article analyzes the main directions of state support for small and medium-sized enterprises in Ukraine and other countries. Obstacles hindering the development of entrepreneurship have been identified. Such obstacles include limited access to finance, burdensome legislation, and difficulties in entering new markets, etc. These programs are aimed at making breakthroughs and inventions; promote entry into new markets; facilitates the opportunity to obtain financing for business, offer a large amount of investment, grants and vouchers are provided, advisory assistance and targeted support are provided. Conclusions. The tasks that need to be solved to realize the strategic goals of the development of small and medium businesses in Ukraine are identified. The main ones are the creation of favorable financial conditions for starting and conducting business activities; development and implementation of a special program of support for promising companies and entrepreneurs; creation and development of business support infrastructure; development of competition; support in the social sphere; stimulating demand for enterprise products; creation of conditions for increase of labor productivity; development of micro-credit; implementation of financial support programs; simplification of procedures for access of small and medium-sized enterprises to the use of real estate objects; training, training, and retraining of professional staff for small and medium businesses; provision of state support for small and medium-sized enterprises active in the field of investment activity; conducting information-analytical monitoring of small and medium-sized business development and development of state policy measures for the further development of entrepreneurship.

This paper is an attempt to investigate the cash flow dependence of the Algerian small and medium enterprises (SME) from the industrial sector using a literature review and a multiple Linear Regression model with cross sectional data. The financing behavior of the Algerian SME became of great concern in the past years, it became urgent to set the frame of the financial interaction between the intrinsic characteristics of this type of companies and the financial system. The results confirm the fact the Algerian SMEs are indeed relying on their cash flow for their sustainability and growth while evolving in an unfavorable business environment, but still rely on external financing in some cases. The consequences of such dependence are higher assumed risks and lower investment opportunities, which lead eventually to lower economical growth.

DeFi, short for decentralized finance, is a new paradigm that enjoys increasing popularity in the financial world. DeFi posits that financial services should not rely on centralized intermediaries but should be provided by users for users. This is done by deploying software components to a decentralized peer-to-peer system which is grounded on blockchain technology. This introductory text discusses the origins of DeFi and delineates DeFi characteristics from those of traditional finance. Several examples of DeFi applications are given, the disadvantages resulting from this paradigm are discussed, and an outlook is provided.

Copyright of Accounting & Finance / Oblìk ì Fìnansi is the property of Institute of Accounting & Finance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Additional resources are urgently needed to tackle the increasing burden of vision impairment, to support the delivery of the Sustainable Development Goals, and to live up to the promise to leave no one behind. This commentary reflects on eye health funding in developing economies and calls for a step change in delivering more and better financing and the integration of eye health into universal health coverage. The transformation in funding will need to be done carefully, creatively and collaboratively to ensure that funding results in faster and more sustainable delivery of high quality, affordable eye healthcare for all. [ABSTRACT FROM AUTHOR]

A global shift to low-carbon economies needs five times larger annual investments in renewable energy and energy efficiency compared to the present USD2005 200 billion. The question about how to finance those large investments is discussed with particular attention to the citizens’ savings because they are hardly used so far, except a few countries. If good conditions are created, activation of these savings is sufficiently large and it is rewarding regarding the cost-reducing technological change and many civil initiatives. High international prices of fossil fuels create favorable conditions but they are unpredictable whilst the present policy support for energy business and CO2 taxes do not compensate for the low prices. High CO2 taxes could do but meet opposition. Innovations in the USA and EU add value to the energy businesses by USD2005 9.2 billion a year based on average during 2005–2015, which exceeds their R&D on renewable energy and energy efficiency. Innovations in energy business also generate spin-off that exceeds 1% of the global GDP though the spin-off strongly varies across countries. The value addition motivates the supply-oriented and demand-oriented policy support for those energy innovations, in particular subsidies and price guarantees, respectively. Experiences with the subsidies in the USA compared to the price guarantees in the EU show that the latter involved larger expenditures but generated many more new firms and jobs per USD2005. A price guarantee per CO2 would invoke distributed energy systems entailing higher more energy-efficiency and energy security. Innovations generate adaptations when applied on larger scale. Their cost-reduction is function of scale; the projectable cost-reduction reduces the financial risks. Estimates show that the global investments in wind and solar power are efficiently allocated and operations are cost-effective. In addition to the power generation, those renewable energy with storage technologies deliver co-benefits to the energy producers and consumers and business models emerge tuned to the local conditions. The citizens’ participations in energy-efficiency and renewable energy would be enhanced if policies guarantee the annual value of the participants’ savings. Such guarantee would generate tax returns due to more companies and higher value of assets. The citizens participation with policy support enables the global shift to sustainable energy.

The purpose of this exploratory study is to analyze the nature and implications of financial constraint problems in the American lodging sector. For this purpose, the lodging firms’ financial performance measures, such as EBITDA, sales, sales growth, return on assets, and profit margin are examined to compare the extent to which financing, investment, dividend, and cash holding policies diverge between financially constrained and unconstrained lodging firms. The results show that financially constrained firms are smaller in size and value, have lower cash, make less investments, pay lower dividends, generate lower revenues, some of which contradict the findings in mainstream corporate finance literature, where higher cash holdings and better performance were reported for financially constrained firms. Although these firms have negative return on assets and profit margin, they have higher financial leverage and promising growth opportunities. Managerial implications are discussed within the realm of financing, dividend, investment, and cash management policies.